Home protector usaa insursnce1/10/2024 ![]() Be sure to ask which types of insurance they have as you’re shopping around for quotes. What insurance should your contractor have?Īny contractor you hire should be licensed and insured. You may also want to add a dwelling under construction endorsement if you’re putting on an addition, as this could provide coverage for the new space. Talk to your insurer about your plans and insurance needs, and supplement as needed if your current coverage levels fall short. There may also be several strangers in your home at a given time, so unfortunately, there’s the potential for theft as well.Ĭheck your coverage levels prior to your renovation project to make sure you’re protected in case the unexpected happens. While you hope it won’t happen, expensive items could accidentally be damaged during a home remodeling project. Contractors you hire should have their own insurance coverage if a worker gets hurt on the job or if your home is damaged as a result of their work, which we’ll discuss shortly. And if you’re planning to tackle any renovations or projects yourself or with a friend’s help, make sure you have adequate liability and medical payments coverage in case someone gets injured. Both could come into play during renovations.” Liability coverageĭuring construction, there are power tools, building materials and sharp objects everywhere, which means the potential for injury is real. Look at both property damage and liability coverage. “Before renovation, review your policy to ensure changes brought about by the renovation are covered. “You certainly don’t want to be underinsured,” says Evan Walker, a personal injury and property damage attorney. Whether you need to make adjustments depends on your project, but experts suggest looking closely at your coverage levels. While homeowners policies typically come with a set level of liability and personal property insurance, increasing these coverages before you renovate could be a good idea. ![]() But it could still impact your coverage.īefore a major remodeling project, you may want to consider adjusting your homeowners insurance coverage. If your renovation is simply something you want to do, rather than something you need to do as a result of a natural disaster, it probably won’t be covered. Are homeowners insurance coverage adjustments necessary? So you’ll likely be on the hook for the bills for both materials and labor.Įven though renovation costs aren’t usually covered by insurance-except in the case of damage caused by events like a fire, tornado, hurricane or falling tree-there are some essential things to know about how a major home project can impact your coverage. We hate to burst your bubble, but home renovation costs generally aren’t covered by insurance. New light fixtures throughout your home? Send the bill to your insurance company. Large bill for marble countertops? Submit it for reimbursement. In a perfect world, your homeowners policy would fully cover the cost of a big home renovation. Your contractor should have insurance coverage as well.But it generally won’t cover materials and labor costs, unless renovations are a result of a covered loss.Homeowners insurance can help protect you financially from things like injuries and theft during a major renovation.Renovations can either decrease or increase the cost of your homeowners insurance policy, and you might want to adjust coverages before the project is underway.
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